Gasoline stockpiles build alongside increased domestic output

US crude oil inventories shrank more quickly than expected last week, albeit a large increase in domestic output and an offsetting large build in gasoline stockpiles.

Commercial crude oil inventories shrank by 5.1m barrels a day over the week ending on 8 December to reach 443.0m barrels, according to the Energy Information Administration, the Department of Energy's statistical arm.

Meanwhile, gasoline inventories increased by 5.7m b/d, as refineries operated at 93.4% of their capacity, while those of distillates fell by 1.4m b/d.

In parallel, domestic crude oil production in the States jumped by 73,000 b/d to a rate of 9.78m b/d.

Imports also rose last week, by 161,000 b/d to reach 7.4m b/d.

As of 1643 GMT, front month West Texas crude oil futures were down by 0.71% to $56.74 on NYMEX.